Charter School Audit Specialists — DC, MD & VA

Charter School Audit Services — DC PCSB, Maryland & Virginia Audit Requirements

A charter school audit is an independent CPA audit of a charter school's financial statements, submitted to its authorizer. DC charter schools report to the DC Public Charter School Board (PCSB); Maryland and Virginia charter schools report to their local authorizer. Schools expending $1,000,000 or more in federal funds, such as Title I or IDEA, also need a Single Audit.

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Do charter schools need annual audited financial statements?

Yes. DC charter schools must submit audited financial statements to the DC Public Charter School Board (PCSB) within 150 days of fiscal year end — by November 27 for schools with a June 30 year-end. Maryland and Virginia charter schools submit to their authorizing LEA. Charter schools receiving $1,000,000+ in federal Title I, Title II, or IDEA funds also require a Single Audit under 2 CFR Part 200.

Single Audit: A Single Audit is a compliance audit required under OMB Uniform Guidance (2 CFR Part 200) for organizations expending $1,000,000 or more in federal awards in a fiscal year. It includes a financial statement audit plus independent testing of compliance with each major federal program's requirements.

PCSB: The DC Public Charter School Board (PCSB) is the independent chartering authority for public charter schools in Washington DC. PCSB sets academic, operational, and financial reporting requirements, including the 150-day deadline for annual audit submission.

Charter School Audit Services

From PCSB compliance audits to Single Audits for federal Title I funds, we handle every aspect of charter school financial reporting.

DC PCSB Financial Audit

Complete GAAS audit of your charter school's financial statements meeting DC Public Charter School Board requirements. We understand PCSB's specific audit submission requirements and deliver our report and financial statements in the required format with sufficient time before the November 28 deadline for June 30 fiscal year schools.

Single Audit (Title I & Federal Funds)

Charter schools expending $1,000,000 or more in federal awards in a fiscal year must have a Single Audit under OMB Uniform Guidance (2 CFR Part 200). We perform the SEFA (Schedule of Expenditures of Federal Awards), major program determination, compliance testing for Title I, Title II, IDEA, and other federal programs, and issue the required data collection form for submission to the Federal Audit Clearinghouse.

Maryland Charter School Audit

Maryland charter schools are chartered by local boards of education (Baltimore City, Montgomery County, Prince George's County, etc.) and must comply with each authorizer's financial reporting requirements. We prepare audited financial statements that satisfy local LEA reporting requirements and Maryland State Department of Education (MSDE) submission deadlines.

Virginia Charter School Audit

Virginia charter schools operate under charters granted by local school boards and are accountable to VDOE. We provide audited financial statements meeting VDOE and local school board reporting requirements, including required supplemental schedules and supporting documentation required for charter renewal applications.

Internal Controls Assessment

Charter schools face heightened scrutiny of internal controls from authorizers, boards, and parents. As part of our audit, we evaluate your school's internal control environment — segregation of duties, procurement controls, payroll controls, and grant management — and provide a written management letter identifying deficiencies and recommended improvements.

First-Time Charter Audit

Newly opened charter schools often need an audit for the first time and don't know where to start. We guide your leadership team through the entire process: what records to maintain, how to organize your accounting, what documents we'll need, and how to establish financial policies that will satisfy auditors and authorizers for years to come.

Serving Charter Schools Across DC, Maryland & Virginia

The DC metro area is home to one of the most active charter school sectors in the nation — particularly in Washington DC, where nearly half of all public school students attend charter schools.

Washington DC (All Wards)

DC PCSB-authorized schools from Ward 1 through Ward 8 — single campus and multi-campus CMOs

Prince George's County, MD

Maryland charter schools in PG County serving diverse student populations

Baltimore City, MD

Baltimore City authorized charter schools with BCPSS and independent authorization

Montgomery County, MD

Montgomery County charter schools including MCPS-authorized and state-approved schools

Alexandria & Fairfax, VA

Virginia charter schools operating under local school board charters

Richmond & Hampton Roads, VA

Statewide Virginia charter schools including virtual charter programs

Washington DC has over 120 public charter schools serving 48,000+ students — nearly half of all DC public school students. Every DC charter school must submit audited financials to PCSB annually. Your Virtual CPA is experienced in DC charter school financial reporting requirements, PCSB submission procedures, and the specific compliance requirements applicable to DC charter schools.

Related Services

Nonprofit Audit (Single Audit)

Federal compliance audits under OMB Uniform Guidance.

Government Contractor Audit

DCAA compliance for federal contractors.

Church & Religious Org Audit

Audits for religious organizations and ministries.

Attestation Services

AUPs, reviews, and SSAE 18 engagements.

Private School Audit

Audits and reviews for private and independent schools.

Bookkeeping Services

Ongoing bookkeeping for charter schools.

Free consultation

Talk to a charter school audit specialist.

Charter School Audit FAQs

Common questions from charter school leaders about PCSB audit requirements, Single Audits, and the audit process.

DC charter schools must submit their audited financial statements to the DC Public Charter School Board (PCSB) within 150 calendar days of the end of their fiscal year. For schools with a June 30 fiscal year end, the deadline is November 27 or 28. PCSB uses the audit to assess the school's financial health as part of its annual performance framework.

PCSB requires each DC public charter school to submit annually: (1) audited financial statements prepared by an independent CPA; (2) the auditor's report on internal controls and compliance; (3) a management letter (if issued); and (4) any corrective action plan if audit findings were noted. Audits must be conducted under GAAS. Schools with $1,000,000+ in federal funds also require a Single Audit.

A Single Audit is required when your charter school expends $1,000,000 or more in federal awards in a fiscal year. Federal awards include Title I, Title II, IDEA, school lunch and breakfast programs (CACFP), E-Rate, and other federal program funding. Most DC charter schools with significant enrollment qualify for Single Audit. The audit tests compliance with each major federal program's requirements.

Common findings include: (1) inadequate segregation of duties (often unavoidable in small schools); (2) procurement policy violations (purchases made without required competitive bidding); (3) missing or inadequate board meeting minutes; (4) grant expenditure misclassification (charging unallowable costs to federal grants); (5) late contribution/payroll tax deposits; and (6) incomplete or missing grant-related documentation.

The required financial statements are: (1) statement of financial position (balance sheet) as of year-end; (2) statement of activities (income statement); (3) statement of cash flows; (4) statement of functional expenses (if applicable); and (5) notes to financial statements. For Single Audit, add the Schedule of Expenditures of Federal Awards (SEFA). Comparative prior-year figures are often required.

Yes. PCSB and state authorizers accept audits from any licensed CPA firm — there is no requirement for an on-site local firm. Virtual CPA firms with charter school experience provide the same quality audit remotely. We work with your school's accounting team to gather documents electronically, perform audit procedures remotely, and deliver the required audit report and financial statements.

PCSB treats missed audit submission deadlines as a compliance violation that affects your school's Performance Management Framework (PMF) score. Repeated violations can affect charter renewal. PCSB may also impose corrective action requirements. Contact us immediately if your deadline is approaching — we can assess whether a timeline is achievable and what expedited options exist.

Fees depend on the size of the school (enrollment, budget, and number of campuses), the number of federal programs, whether a Single Audit is required, and the quality of your records. We are transparent and charge fair fees quoted upfront after a short call.

PCSB Deadline Coming Up?

Don't risk your charter over an audit deadline. Your Virtual CPA delivers complete, PCSB-compliant audited financial statements with time to spare — and guides your team through the process from start to finish.